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Worldwide LED Lighting Industry to 2030
The "LED Lighting Market Research Report: By Product Type (Luminaire, Lamp), Installation Type (New, Retrofit), Application (Indoor, Outdoor) -To get more news about Led hardware, you can visit tenral.com official website.
The adoption of energy-efficient lighting solutions has increased considerably across the globe. Light-emitting diodes (LED) have emerged as key energy-efficient lighting solutions at the present time. The demand for LEDs for different applications is growing because of their longer operational life and lower maintenance cost than conventional lighting solutions. Owing to these advantages, LEDs are extensively being deployed in stadiums, tunnels, parking lots, and streets. Furthermore, governments of various countries are taking initiatives to increase the adoption of solutions that consumer less energy, as the surging demand for energy has led to a global energy crisis.
As per a report by the publisher, the global LED lighting market is predicted to generate a revenue of $262.8 billion in 2030, rising from $67.6 billion in 2019, and is expected to exhibit a 12.9% CAGR during the forecast period (2020-2030). The two types of LED lighting solutions are lamps and luminaires, between which, the requirement for luminaires was higher in the past. These products are widely being integrated in newly constructed commercial and residential buildings. In addition, government initiatives in India and China to encourage the adoption of LED lighting are also predicted to result in the rising demand for these products during the forecast period.
LED lighting solutions can be newly installed or retrofitted, however, the demand for retrofit LEDs is expected to rise significantly in the years to come. This can be ascribed to the growing replacement of incandescent and sodium-vapor lamps with LED lights, particularly in countries including the U.A.E., India, Japan, South Korea, China, and the U.S. LED lighting solutions are utilized for both outdoor and indoor applications. In the past, these lights were utilized more for indoor applications in the past, and their demand is further going to be larger for these applications in the coming years.
This is because of the rising requirement for LED lighting for applications in the residential sector in countries such as the U.S., India, the U.A.E., and China. The construction industry in these countries is registering rapid growth and the focus on construction of smart cities has also been increasing since the past few years. LED lighting solutions are majorly being utilized in smart cities to make these projects more energy-efficient. Other than this, the demand for LED lighting solutions is also projected to rise for outdoor applications, including tunnels, highways, parking lots, streets, and stadiums, in the years to come.
This is owing to the growing government and private initiatives across the globe for high-class infrastructure development. In addition to this, the increasing construction of highways all over the world is also projected to drive the demand for LED lighting solutions. Geographically, Asia-Pacific has been making the most use of LED lighting solutions up till now, and the region is further expected to emerge as the fastest-growing LED lighting market in the years to come. This is due to the expanding construction industry and surging consumer awareness regarding energy-efficient lighting.